Coinbase Retains $1 Million Windfall From Curve Finance Hack, Faces Backlash For Not Returning Funds
Portfolio Pulse from Bibhu Pattnaik
Coinbase (NASDAQ:COIN) has retained around $1 million from the July cyber attack on Curve Finance, a decentralized finance (DeFi) sector player. The funds were obtained during the turmoil that followed the security breach at Curve. Despite pleas from Alchemix, a protocol that lost $22 million in Curve-based tokens, Coinbase has shown no willingness to return the funds. The crypto industry has seen thefts amounting to $735 million this year.
September 17, 2023 | 9:40 pm
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NEGATIVE IMPACT
Coinbase's decision to retain the funds from the Curve Finance hack could potentially harm its reputation and trust among users.
Coinbase's decision to retain the funds from the Curve Finance hack, despite pleas from Alchemix, could potentially harm its reputation and trust among users. This could lead to a decrease in user base and trading volume, which could negatively impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The incident involving Coinbase and Curve Finance does not directly impact Ethereum's price.
The incident involving Coinbase and Curve Finance does not directly impact Ethereum's price. Ethereum was merely the blockchain used for the transaction. The price of Ethereum is more likely to be influenced by broader market trends and investor sentiment towards cryptocurrencies.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50